Speaker 1: Bloomberg Audio Studios, Podcasts, Radio News.
Speaker 2: Welcome to you in this city.
Speaker 1: Now each week we unpack a story that's crucial to
Speaker 1: the world's financial capitals.
Speaker 2: I'm from sin.
Speaker 1: Laclaw and this week we're recording the show from the
Speaker 1: fifth edition of the Qatari Economic Forum in Doa. So
Speaker 1: it only seems appropriate to zero in on this massive
Speaker 1: wave of deal making emerging from the Middle East. Now,
Speaker 1: following President Trump's recent high profile visit to the region,
Speaker 1: the White House claims that Saudi Arabia, CATTER and the
Speaker 1: United Arab Emirates have made over trillion dollars in new
Speaker 1: economic commitments.
Speaker 3: Now.
Speaker 1: These deals, of course, span a range of key sectors, defense, aviation,
Speaker 1: artificial intelligence, really signaling this major push towards strategic partnerships
Speaker 1: and long term diversification. Now, in this episode will take
Speaker 1: the pulse of the forum. You can see it's very
Speaker 1: noisy as people also talk around me. We explore how
Speaker 1: business leaders are reacting to the latest deals and what
Speaker 1: it could mean for the region's investment landscape going forward. Well,
Speaker 1: to unpack all of this, and there's a lot to unpack.
Speaker 1: I'm delighted to be joined by Matthew Martin, Bloomberg's chief
Speaker 1: correspond for MINA Sovereign Wealth Funds and Nationnaire Bloomberg's chief
Speaker 1: correspondent for Global Deals.
Speaker 2: Welcome to the City of London, the city of the
Speaker 2: City of London. Please mind the gap between the tree
Speaker 2: and the financial hearts of the country, the city, the city.
Speaker 2: Welcome in the city.
Speaker 1: Bend care of the doors. So good to have you
Speaker 1: on the podcast. We can hear each other. But the
Speaker 1: buzz is incredible actually here at the Catar Economic Forum.
Speaker 4: Yes, itcuse and it's great to see so many people
Speaker 4: lining up and do this and more than two thousand,
Speaker 4: fiveundred delegates. It's a lot of excitement, a lot of
Speaker 4: vibe in the region, which is what you kind of
Speaker 4: see whenever you come to the Middle East and know
Speaker 4: in the last few years that's been the big change.
Speaker 1: Yeah, but then with President Trump noither actually showing up
Speaker 1: last week, I mean it's incredible people talk about deals, right,
Speaker 1: Is this real money?
Speaker 2: Is this real deals?
Speaker 1: Or is this you know more terms of understanding? Is like, yeah,
Speaker 1: we'll work on it, We'll work on AI. Or is
Speaker 1: this region going to get a lot of flows quite quickly?
Speaker 5: Well, I think I was at the Trump's visit to
Speaker 5: read last week, and there was a whole host of
Speaker 5: numbers that were being thrown out by people. You know,
Speaker 5: Initially they said that there was six hundred billion dollars
Speaker 5: of investments. Then there was announce from the stage there
Speaker 5: was three hundred billion dollars. Then the Crown Prince and
Speaker 5: President Trump as well said that there was a plan
Speaker 5: to get to a trillion dollars.
Speaker 2: So you know where this number actually is going to
Speaker 2: end up. I think it's going to be anyone's guests
Speaker 2: over the next few years.
Speaker 5: But I think what's what's what's clear is there is
Speaker 5: this very real change in mood between the region and
Speaker 5: the US. Relations under the Biden administration were strained at times.
Speaker 5: The region was sort of flirting with China and boosting
Speaker 5: trade and investment flows with China. Now I think that,
Speaker 5: you know, following Trump's visit, it's really sort of said that,
Speaker 5: you know, this money, they want it to be flowing
Speaker 5: into the US. They really value that partnership, and particularly
Speaker 5: around those things you mentioned, like diversifying the economy, going
Speaker 5: into technology, and to defence. All these areas are definitely
Speaker 5: going to be sucking up a huge amount of capital
Speaker 5: out of this region.
Speaker 1: And I mean they all lead money, right, So it's basically,
Speaker 1: you know, the GCC countries cat are saying, we have money,
Speaker 1: but we'd probably like it to be more invested in
Speaker 1: the region rather than going abroad. But the US also
Speaker 1: trying to attract funds. So it's like they're they're you know,
Speaker 1: friendly but competing.
Speaker 4: Yes, it is, and it's actually quite an exciting, you know,
Speaker 4: interesting mix of the needs of different countries. If you
Speaker 4: look at Saudi Abia for instance, they need a lot
Speaker 4: of capital in the country. They're going through a big
Speaker 4: interest such as spending boom, they're creating the city as
Speaker 4: we know from scratch, so there's a lot of money
Speaker 4: required in the country itself. So this the number which
Speaker 4: has been put out, has raised some question marks on
Speaker 4: whether where is that money going to come from because
Speaker 4: you're spending so much in your domestic economy.
Speaker 3: I think Cutter and UA are a bit different.
Speaker 4: If you look at UA for instance, you know the
Speaker 4: infrastructures already in place and their big ambition is to
Speaker 4: diversify the economy and so they have a huge requirement
Speaker 4: you know, to get access into chips and also like
Speaker 4: build out their artificial intelligence industry in Cutter even it's
Speaker 4: kind of remains similar. They're going to get huge inflows
Speaker 4: in the next couple of years, you know, from the
Speaker 4: LNG at sports and it's a small country, so why
Speaker 4: do you deploy that? And US becomes a natural home
Speaker 4: for them. So I think the dynamics are a bit
Speaker 4: mixed for different countries here.
Speaker 3: I'm actually I've.
Speaker 1: Been thinking about Salt because it feels like, you know,
Speaker 1: you have president of the United States that wants to
Speaker 1: do deals, so this is not only about money. This
Speaker 1: is almost like a strategic geopolitical alliance. So how much
Speaker 1: were the deals announced in the region last week about
Speaker 1: keeping President Trump on side and how much of it
Speaker 1: is actually just pop point in cabro and putting it
Speaker 1: to work.
Speaker 2: You know, there's clearly a very real part of this.
Speaker 5: And the sort of announcement inflation that you saw of
Speaker 5: each of the countries that he visited around the region
Speaker 5: wanting to one up the previous one and announce more
Speaker 5: and more. Yeah, I think a lot of that is about,
Speaker 5: you know, understanding a very transactional US administration and knowing
Speaker 5: that they can they can play that game to their
Speaker 5: advantage because they often have these big sobign mode funds
Speaker 5: that can deploy capital and can make these big long
Speaker 5: term commitments. So look, some of that is going to
Speaker 5: be a bit nebulous and is possibly not going to
Speaker 5: see the light of day. But you know, I think
Speaker 5: as well, they see that diversifying their economies. They see
Speaker 5: that building an AI industry, becoming hobs for these sorts
Speaker 5: of things, you have to partner with the US for it.
Speaker 5: And as much as there has been all the noise
Speaker 5: around sort of deep seek and how much that sort
Speaker 5: of changes the equation around AI investments, ultimately I think
Speaker 5: everybody sees the future of AI has come out of
Speaker 5: the US, and so that's where they want to build
Speaker 5: those partnerships. And also, you know, linking into that, the
Speaker 5: region has been very keen on getting defense agreements and
Speaker 5: security pats with the US, and so buying a lot
Speaker 5: of American hardware helps knit them into that American defense
Speaker 5: complex to set the ground for trying to do those
Speaker 5: broader geopolitical deals over the course of this administration, which
Speaker 5: I think is going to be one of the big goals.
Speaker 1: But also if you look at some of the biggest
Speaker 1: sovereign wealth funds in the world. They sit in this region,
Speaker 1: and this is because of the revenue from more oil
Speaker 1: and gas, which will probably only increase. We heard also
Speaker 1: here from Katar that will increase. We spoke to the
Speaker 1: Kuwaiti Southern Wealth Fund. How much more money will they
Speaker 1: have to put to work in the coming years thanks
Speaker 1: to revenue?
Speaker 5: Yeah, I think and as Danish was hinting at this
Speaker 5: a bit earlier on, you know, and we had a
Speaker 5: story the other week that Saudi Arabia has got about
Speaker 5: two trillion dollars worth of domestic commitments that it's on
Speaker 5: the hook for make and space.
Speaker 2: Some of that out maybe, but clearly.
Speaker 5: The big push within Saudi Arabia is gonna be domestic investments,
Speaker 5: and so the amount of capital that can go outside
Speaker 5: of the country is going to be more limited compared
Speaker 5: to a place like Doha where we are, where they've
Speaker 5: got these big gas fields coming on stream in the
Speaker 5: sort of year or two ahead. That's going to be
Speaker 5: giving the Qia this massive new war chest that they're
Speaker 5: going to have to deploy. And you know, they're talking
Speaker 5: about a five hundred billion dollar commitment into the US
Speaker 5: over the course of the next five years or so.
Speaker 5: And that's I mean that probably has some sense of
Speaker 5: reality to it. You know, they are going to be
Speaker 5: having to digest more and more capital coming into the
Speaker 5: fond and the US is going to be a great
Speaker 5: place to try and digest some of that.
Speaker 2: Similarly in Kuwait as well.
Speaker 5: You know, we had the head of the Kia on
Speaker 5: the stage earlier on today.
Speaker 2: You know, he was talking.
Speaker 5: He was less effusive about making big commitments and pledges
Speaker 5: to the US, but you know he was clearly saying
Speaker 5: that you are underweight the US at your peril, and
Speaker 5: so you know this is a sign that you So
Speaker 5: I think both of these funds.
Speaker 2: And also Abbadabi as well, are going to.
Speaker 5: Be continuing to look to put lots and lots of
Speaker 5: money at work into the US.
Speaker 2: Yeah, how do they put that capital actually to work?
Speaker 2: And again in the US.
Speaker 1: Given the volatility that we've seen, you know, and the
Speaker 1: valuations that have been frankly all over the place, like
Speaker 1: what is our natural home for this capital to end
Speaker 1: up in the US.
Speaker 4: So I think a lot of them actually put money
Speaker 4: into public equities and I would think that will continue.
Speaker 4: So if you think about cutoff, for instance, saying find
Speaker 4: it billion dollars of commitments over the next ten years.
Speaker 4: That's fifty billion on average every year. And if you
Speaker 4: buy the SNP some of the biggest companies that you
Speaker 4: can deploy quite a billion a few billion dollars into that.
Speaker 3: That will continue, But I think.
Speaker 4: They're also looking at into the AI infrastructure space. A
Speaker 4: lot of them are interested in healthcare, so that's a
Speaker 4: big sector that they're focused on. Is to understand, you know,
Speaker 4: and develop their own industry back home. You know, you
Speaker 4: need to kind of invest in that sector. So it's
Speaker 4: quite a lot of money going to that. Power is
Speaker 4: a big space because it's obviously powering. You know, you
Speaker 4: need electricity to and me the AI demand. So there's
Speaker 4: quite a few areas that would invest in. But if
Speaker 4: you think about someone like a Qia of for instance,
Speaker 4: a Abadla, you'll see potentially it's been a bit more
Speaker 4: direct investments, which they've not been doing in the past,
Speaker 4: so that thing, I think that that would go up
Speaker 4: a little bit. And then you know the normal cost
Speaker 4: of business investing in the treasuries and public equities that
Speaker 4: which they've been doing for a few years. That will
Speaker 4: continue as well, but still a big number. I think
Speaker 4: for me, what is kind of interesting is that if
Speaker 4: they're all chasing the same assets from the same region,
Speaker 4: trying to kind of lobby the same person in the administration,
Speaker 4: do they end up paying a little bit more like,
Speaker 4: you know, is we're going to be competition from this
Speaker 4: region for the same assets. You know, that's something which
Speaker 4: will be interesting to watch in the coming years.
Speaker 1: I mean, it's interesting because there's also a new head
Speaker 1: of the QIA that's much more familiar actually with US, thankulity.
Speaker 1: So I wonder whether that changes the investment profile of
Speaker 1: the cybern Mouth Fund.
Speaker 5: Yeah, I think you're clearly from the comments about the
Speaker 5: commitments that they're willing to make into the US and
Speaker 5: a lot of the talk around the event today has
Speaker 5: been very uh, there's been a very America first agenda,
Speaker 5: I think among a lot of the panelists, and I think,
Speaker 5: you know, if you look at the QIA, they're clearly
Speaker 5: buying into a lot of that trumpanomics, looking at investing
Speaker 5: not just into some of these things that the sort
Speaker 5: of the the stuff we've talked about around AI and
Speaker 5: those sorts of technology and the sort of you know,
Speaker 5: the future industries, they're also talking about investing into the
Speaker 5: reindustrialization of the US, which is you know that that
Speaker 5: whole Trump goal of bringing manufacturing and bringing those jobs
Speaker 5: back into the US and bringing the supply chain for
Speaker 5: American goods back into America, so that they sound very
Speaker 5: optimistic about wanting to play that trade as well, which
Speaker 5: you know is something that people have had some concerns
Speaker 5: about how how realistic that might be. But yeah, I
Speaker 5: think you know, the fact that the head of the
Speaker 5: QIA now had spent years and years running the US
Speaker 5: means he's obviously very familiar with the economy, very familiar
Speaker 5: with the investment scene there and all the people that
Speaker 5: he needs to be in contact with. And so I think,
Speaker 5: you know, that's why they're making this decision that they
Speaker 5: are going to be They're going to be very very
Speaker 5: supportive of the Trump administration's goals over these four years.
Speaker 2: Danish, how do you see.
Speaker 1: This ending up again if you will get equity? I
Speaker 1: mean there's a lot of talk about private credit, private
Speaker 1: equity is there already?
Speaker 2: It's early days again.
Speaker 1: Trump just left the region like four days ago, but
Speaker 1: is there an indication of them going more into alternatives?
Speaker 4: There's clearly a push for alternatives though some people especially
Speaker 4: they had the the QIICO who kind of mentioned that
Speaker 4: private credit seems a little bit crowded now, but clearly
Speaker 4: there's a lot of push towards private equity. So that
Speaker 4: traditionally how these funds have invested in private equity was
Speaker 4: either through investing in the funds itself or partnering with
Speaker 4: some of the large private equity films so looking to
Speaker 4: commit capital into buying business in the US, and they
Speaker 4: would come in as a minority investor, and that they've
Speaker 4: been doing for a while. Because they're also like the
Speaker 4: biggest l priests to some of these funds, they've always
Speaker 4: got like a bit of proferential access. They get co
Speaker 4: investment opportunities, they're the first ones to see these deals.
Speaker 4: And in a world where there's not so much money
Speaker 4: floating around the Middle East as an LP base over
Speaker 4: the years has become very important for the private agreedy firms,
Speaker 4: so it's not a market they can ignore. That's why
Speaker 4: we're seeing a lot of private EGREDI firms announcing that
Speaker 4: they're setting up shop in Abu Dhabi or in Kata
Speaker 4: or in Rear. That's because they understand that the money
Speaker 4: for some of those big investments they need the equity
Speaker 4: check is coming from this region, so I think that
Speaker 4: would continue to improve.
Speaker 3: The only few of them.
Speaker 4: I don't think a lot of them are keen on
Speaker 4: buying majority stakes and owning businesses outright because they just
Speaker 4: don't have the manpower and the operational capabilities to run
Speaker 4: businesses per se. But they do get twenty persons take
Speaker 4: and a big business and they get a saying that
Speaker 4: they get a board seed. That's how I think the
Speaker 4: alternative push is going to go into it. Plus there's
Speaker 4: also like you know, if you look at someone like
Speaker 4: an idea, there is a push to do investments more
Speaker 4: into hedge funds.
Speaker 3: You know, we keep we understand.
Speaker 4: They're looking at a lot of company a lot of
Speaker 4: money into different strategies. So those that will continue as well.
Speaker 1: Infrastructure, AI, Sports, I mean, I guess there's still a
Speaker 1: big posh also because of the young population here to
Speaker 1: own sports teams.
Speaker 2: Is it football or it could also be others.
Speaker 5: Yeah, well, I think we're going to see sports continue
Speaker 5: to be a big theme across the region. You know,
Speaker 5: I think sports has been emerging much more as a
Speaker 5: sort of investable asset class over the last few years
Speaker 5: than it has been in the past. Obviously, you know
Speaker 5: the PIF's investment and creation of Live and they sort
Speaker 5: of plan maybe if they can get dealed on to
Speaker 5: merge with the PGA. You know that that's another big
Speaker 5: push by the PIF to get into into the US
Speaker 5: sports scene. And there's you know, sort of talk around
Speaker 5: changing some of the rules around ownership of American sports teams,
Speaker 5: which opens up the door to these.
Speaker 2: Sort of private extuity players.
Speaker 5: And I think, you know, one of the things that
Speaker 5: we've heard from some of the sessions today is that
Speaker 5: the sovereigns out of the region can afford to be patient,
Speaker 5: and they can afford to take some time investing in
Speaker 5: these things which maybe don't return a huge amount of
Speaker 5: money in a typical sort of three to five year
Speaker 5: private acuity period, but if you look at that longer
Speaker 5: sort of ten to fifteen years, then they could be
Speaker 5: really they could be both financially viable and they play
Speaker 5: this great role for promoting the region and promoting the
Speaker 5: region is a place to invest, a place to holiday,
Speaker 5: a place to visit, promote that sort of understanding as well,
Speaker 5: and that those sort of soft power links which is
Speaker 5: increasingly a role that the sovereigns out of the region
Speaker 5: are playing. You know, they used to be you know,
Speaker 5: fifteen twenty years ago, the sovereign funds were all saying, look,
Speaker 5: we're not political actors, We're purely investing for financial returns.
Speaker 5: And now, you know, I don't think anybody bothers making
Speaker 5: that argument.
Speaker 2: I think you know it.
Speaker 5: Clearly they are in They are playing a role in
Speaker 5: state craft and a role in soft power.
Speaker 1: Projection, which is also why we saw a lot of
Speaker 1: the trophy assets, right the like Herod's or PSG or
Speaker 1: some of these big brands that was cool to own
Speaker 1: if you have a lot of money. So like you
Speaker 1: you're the new kid in town. It's like suddenly you
Speaker 1: have a brand that everybody recognized and either just like
Speaker 1: staying there or shopping there or watching Will that continue?
Speaker 2: Yeah? I think so.
Speaker 5: You know, if you look at the sort of Oscar
Speaker 5: Wild quote of you know, the only thing worse than
Speaker 5: being talked about is not being talked about.
Speaker 2: And so you know, I think that that's part as.
Speaker 5: Your father by Deneh, and that's part of sort of
Speaker 5: inserting themselves into the conversation and things like you know,
Speaker 5: Harods and things like.
Speaker 2: You know, all the money that gets.
Speaker 5: Poured into hosting sporting events in the region, it makes
Speaker 5: you part of the conversation. You know, nobody has written
Speaker 5: more about Saudi Arabia since these live golf and the
Speaker 5: investments into the Premier League get into bringing Premier League
Speaker 5: players to Saudi Arabia. So, you know, I think that
Speaker 5: that that's all part of because of elevating the the
Speaker 5: role and the knowledge that of these countries are all
Speaker 5: around the world.
Speaker 4: Yes of sports is soft power, as Matt mentioned, and
Speaker 4: that's been a big factor for buying into some of
Speaker 4: these It's not just the financial returns, you know, see
Speaker 4: increasing that we see these funds trying to buy influence
Speaker 4: as well as you know, when they buy assets, it's
Speaker 4: also like what kind of influence that can get in
Speaker 4: a certain administration or a certain region. So there's a
Speaker 4: bit of that thinking going behind and the fact that
Speaker 4: they can own some of these assets for longer periods
Speaker 4: of time, you know, compared with the private equity firm
Speaker 4: give some the ability to kind of withstand losses, you know,
Speaker 4: through cycles, So that kind of that that's something that
Speaker 4: one days they have, so you kind of I think
Speaker 4: we'll continue to see sports investments. We saw a period
Speaker 4: and QI a kind of stepped away from making these
Speaker 4: you know, trophy asset investments uh and kind of went
Speaker 4: into a lot more venture capital investment in early tech investments.
Speaker 4: But we kind of think like with the more influence
Speaker 4: coming in over the less two years, so we'll kind
Speaker 4: of see bigger deals.
Speaker 3: Uh.
Speaker 4: And it has to be like, you know, like some
Speaker 4: of the big assets you know that turn become trophy
Speaker 4: assets to maybe continue to see that as well.
Speaker 1: I mean, there was a wave where there was a
Speaker 1: lot more scrutiny great and that's coming gone about some
Speaker 1: of the money from certain parts of the world going
Speaker 1: for example, to London to New York.
Speaker 2: Where are we on that?
Speaker 4: I think there were some reports about some of these
Speaker 4: investments which was promised to the Trumpet administration and the
Speaker 4: some ipro's being raised in the US about what does
Speaker 4: this mean for some of our core assets. I'll be
Speaker 4: giving too much access to Middle East and investors, so
Speaker 4: that there will be that screwtinay doesn't go away. But
Speaker 4: I think you know, when you have an administration on
Speaker 4: your side, and when you have someone who is so
Speaker 4: transactional and who wants to kind of see investments being
Speaker 4: made into the country. I think there is a bit
Speaker 4: of levy in that. I don't think so. During the
Speaker 4: Biden administration, Sophius was a big concern for Seals funds,
Speaker 4: like they were lobbying to try and see how can
Speaker 4: we get access to US ASS without Sephius blocking some
Speaker 4: of these deals. And overall it seems like the regulatory
Speaker 4: environment in the US is a bit more friendly now.
Speaker 4: Uh So, I guess it's less of a concern now,
Speaker 4: but these things always come and go.
Speaker 1: Yeah, yeah, and Matthew also the way for him, I
Speaker 1: mean even Qatar, but other you know, countries in the
Speaker 1: region straddle I guess, a friendliness with the US in
Speaker 1: terms of investments, but also the China. At some point
Speaker 1: do they have to choose or are they being asked
Speaker 1: to choose between the two if there are the two
Speaker 1: biggest rivals on Earth.
Speaker 5: Look, I think under the Biden administration, certainly the rhetoric
Speaker 5: then was that I think the region was being asked
Speaker 5: to choose, and without dangling the carrot in front of
Speaker 5: them as to why they should be choosing the US,
Speaker 5: I think there was much more openness to to engage
Speaker 5: with China. You know, China is the biggest trading partner
Speaker 5: purely because of oil and how much China is buying
Speaker 5: from this region, So you know, the Gold States have
Speaker 5: to do something with China. I think, you know, the
Speaker 5: US would like to see that limited though. I think that,
Speaker 5: you know, the challenge is going to be after the
Speaker 5: last couple of days, we've seen these ginormous US investment pledges,
Speaker 5: and we sort of talked a bit earlier about the
Speaker 5: fact that there's a lot of skepticism about how real
Speaker 5: some of that is. I think the question is going
Speaker 5: to be, you know, in five ten years time, how
Speaker 5: much have we seen those turn into real investments and
Speaker 5: how much do we see that Ultimately, a lot of
Speaker 5: Chinese companies have come in and swamp the market quietly,
Speaker 5: without these big headlines and without these ginormal state visits,
Speaker 5: and they just quietly come in and gobble up the market.
Speaker 5: And I think that's something that you know, we're gonna
Speaker 5: have to watch over the next few years.
Speaker 3: Yeah, I agree with that.
Speaker 4: I think they will choose the US and they will
Speaker 4: invest with China without making headlines. So it's kind of
Speaker 4: a way where the headline grabbing announcements won't be with
Speaker 4: Chinese companies. But if you look at this region, where
Speaker 4: does Aramco sell most of it's oil too, it's to
Speaker 4: Asia where does Cutters sell their most of the gas
Speaker 4: toots to China, So they're the biggest market.
Speaker 3: It's very hard for them to ignore it.
Speaker 4: And we've seen a lot of Chinese investment come into
Speaker 4: the region and they're very serious about it.
Speaker 3: But it just won't be.
Speaker 4: At the the you know, like the headline dabbing investments
Speaker 4: that we see to the US.
Speaker 1: Yeah, and I understand to Maage's point, you know, but
Speaker 1: let's say even twenty or thirty percent of what was announced,
Speaker 1: you know, it becomes real money, and it's a lot,
Speaker 1: it's a lot of cash, it's a lot of like
Speaker 1: investments to be deployed.
Speaker 2: Is that are those deals that have.
Speaker 1: Been taken away from the UK and Europe because there's
Speaker 1: there's not an infant amount of capital, So is the
Speaker 1: money being used here you know, couldn't have been used elsewhere?
Speaker 4: Yeah, I mean I think in a way Europe had
Speaker 4: has had in the last few years, kind of lost
Speaker 4: those investments. There is a feeling today that Europe is
Speaker 4: cheap so I would expect some money to go into
Speaker 4: the US. Was interesting, the governor of PIF made a
Speaker 4: commitment to invest more money to the.
Speaker 3: US sorted to Europe.
Speaker 4: Haven't seen that in a long while, but it just
Speaker 4: it would be I mean, you can also argue that
Speaker 4: there'll be money going to India, a bit going to
Speaker 4: Indonesia as well. I don't think Europe will be at
Speaker 4: the top of the of the list, so they definitely
Speaker 4: seem to be missing out on some of these opportunities.
Speaker 1: Matthew, thank you so much for joining us. Well thanks
Speaker 1: for listening to this week's In the City from Bloomberg.
Speaker 1: This episode was hosted by me franc Laqua in Qatar,
Speaker 1: was produced by Somersadi Moses and dam and Tala Maddi.
Speaker 1: Brandan Francis Mnham is our executive producer. Special thanks to
Speaker 1: Donationchnaier and Matthew Martin. Please subscribe, rate, and review wherever
Speaker 1: you listen to podcasts.